Spring 2015
Atradius Payment Practices
Barometer
International survey of B2B payment behaviour
Survey results for Western Europe
Survey design for Western Europe
SURVEY DESIGN
Survey objectives
SURVEY RESULTS
Atradius conducts annual reviews of international corporate payment practices through a survey called the “Atradius Payment
Practices Barometer”. This report presents the results of the
survey’s 2015 edition conducted in 13 countries across Western
­Europe. Using a questionnaire, Conclusr Research conducted a
net of 2,713 interviews. All interviews were conducted exclusively for Atradius, without any combination of topics. Due to a
change in research methodology for this survey, for some of the
present results, no year-on-year comparison is feasible.
STATISTICAL APPENDIX
Country
n
%
Austria
197
7.3%
Belgium
204
7.5%
Denmark
199
7.3%
France
220
8.1%
Germany
228
8.4%
Survey scope
Great Britain
221
8.1%
77 Basic population: companies from 13 countries were
monitored (Austria, Belgium, Denmark, France, Germany,
Great Britain, Greece, Ireland, Italy, Spain, Sweden,
Switzerland and the Netherlands). The appropriate contacts
for accounts receivable management were interviewed.
Greece
200
7.4%
Ireland
214
7.9%
Italy
227
8.4%
Spain
217
8.0%
Sweden
195
7.2%
Switzerland
185
6.8%
The Netherlands
206
7.6%
n
%
77 Selection process:
Internet survey: companies were selected and contacted by
use of an international Internet panel. A screening for the
appropriate contact and for quota control was conducted at
the beginning of the interview.
Industry
77 Telephone survey: companies were selected and contacted
by telephone. A screening for the appropriate contact and
for quota control was conducted at the beginning of the
interview. Telephone surveys took place in Greece.
Manufacturing
711
26.5%
Wholesale / Retail / Distribution
432
16.1%
1,542
57.4%
77 Sample: N=2,713 people were interviewed in total
(approximately n=200 people per country). In each country a
quota was maintained according to four classes of company
size.
Business size
n
%
Micro-enterprises
1,078
40.1%
SMEs (Small/Medium enterprises)
1,355
50.5%
252
9.4%
77 Interview: Web-assisted personal interviews (WAPI) of
approximately 20 minutes duration. Telephone interviews
(CATI) of approximately 20 minutes duration. Interview
period: 1st Q 2015.
2
Sample overview – Total interviews = 2,713
Services
Large enterprises
It may occur that the results are a percent more or less than 100% when
calculating the results. This is the consequence of rounding off the results.
Rather than adjusting the outcome so that it totalled 100%, we have chosen
to leave the individual results as they were to allow for the most accurate
representation possible.
ATRADIUS PAYMENT PRACTICES BAROMETER – RESULTS SPRING 2015
This overall picture has to be evaluated in light of the strong variation in the use of trade credit across the countries surveyed in
Western Europe. In terms of domestic B2B trade, there are two
well distinguished groups of countries: the first includes Germany, Austria, Switzerland, France and Belgium with around 30% or
less of the B2B sales value transacted on credit terms. The Netherlands follows with 40%, and all of the other countries surveyed
(Great Britain, Sweden, Ireland, Italy) show an average of 50%
or more (Greece with 65% and Denmark 71%). Similar grouping
holds in respect to foreign sales. In the first group, there was a
decrease over the past two years, with the exception of Belgium,
which along with the Netherlands and the countries in the second group experienced another bounce over the last two years.
Proportion of sales made on credit to total
B2B sales of respondents in Western Europe
Western Europe
44.9%
37.7%
Domestic customers
Foreign customers
Sample: companies interviewed (active in domestic and foreign markets)
Source: Atradius Payment Practices Barometer – Spring 2015
More information in the Statistical appendix
Average payment term
Domestic B2B customers of respondents in Western Europe are
given an average of 34 days from the invoice date to pay invoices. Foreign customers are given slightly shorter terms, averaging 32 days. In Southern Europe, domestic customers seem to
enjoy much longer payment terms (ranging from an average of
70 days in Greece to 51 days in Spain) than customers in Northern Europe. Here, a strong emphasis is placed on swift payment,
with average payment terms not exceeding 35 days (Germany
sets the shortest terms, around 20 days). Across most of the
countries surveyed, there is no significant discrepancy between
payment terms set for domestic and foreign customers. This
does not seem to apply to Southern European countries. In Italy
and Spain, domestic customers are extended, on average, over
10 days longer than foreign customers to pay invoices. In Greece,
domestic customers are given, on average, almost twice as long
as foreign customers to pay invoices. This would suggest that
Greek companies are able to benefit from the customarily shorter terms in foreign markets.
Over the past two years, domestic payment terms in Western
Europe have shown a swinging trend. After an overall decrease
at the beginning of last year, they increased slightly in the first
quarter of 2015. The strongest increase was observed in Greece
(averaging 10 days longer than one year ago). Foreign payment
terms have shown, on average, less variation. This could also
suggest that businesses perceive a slight improvement in the
overall business climate.
Overdue B2B invoices
Based on responses in Western Europe, an average of 40.2% of
the total value of domestic B2B invoices remained outstanding
past the due date. This percentage was the highest in Italy at
50.2%, and the lowest in Sweden at 20.0%. Foreign invoices paid
late represented 35.4% of the total value of B2B credit-based
sales abroad. Again, this rate peaked in Italy at 44.5%, dropping
to 25.3% in Sweden.
The delinquency figure, (invoices unpaid 90+ days after due date)
is relatively sizeable. 7.6% of domestic, and 7% of foreign B2B invoices became delinquent, and are likely to turn into collections
cases. Domestically, the delinquency rate was highest in Greece
challenge
to(11.3%),
business
in 2015:
(12.4%),Top
followed
by Italy
andprofitability
lowest in Sweden
(2.9%).
containment
In termscost
of foreign
trade, the delinquency figure at country level
peaks once
more in Italy (10.4%), followed by Spain (9.7%), France
Western Europe
and Belgium (9% each).
24%
Over the past two years, domestic and foreign overdue payment
Sample: companies interviewed (active in domestic and foreign markets)
levels across
the countries surveyed in Western Europe regisSource: Atradius Payment Practices Barometer – Spring 2015
tered an increase, particularly in domestic markets, where the
increase averaged 10 percentage points (Increase was highest
in Germany at 16.3 percentage points). Sweden was the only
country recording a decrease in both domestic and foreign past
due rates. Late payment on foreign invoices increased at a slower pace (6.4 percentage points on average, highest in Spain at
16.8 percentage points). Over the same time frame, Ireland saw
quite a notable improvement in the foreign overdue levels. Invoice late payment is reflected in the Days Sales Outstanding
(DSO) figure recorded in Western Europe, averaging 48 days,
after having decreased slightly over the past two years. Countries in Southern Europe show the highest DSO levels, ranging
from 72 days in Greece and Italy, to 58 days in Spain. Ireland
and France show DSO levels of over 50 days, and the remaining countries surveyed record DSO levels of 42 days or less. A
possible explanation for the contrasting trends of overdue inAverage
proportion
invoices
voices and
DSO levels
could beofaB2B
potential
improvement in the
unpaid
90+
days
after
due
date
respondents’ collection of high value invoices.
Western Europe
ATRADIUS PAYMENT PRACTICES BAROMETER – RESULTS SPRING 2015
SURVEY RESULTS
Respondents in Western Europe reported that, on average, 44.9%
of their domestic and 37.7% of their foreign B2B sales value is
transacted on credit. This suggests that respondents are more inclined to request payment from B2B customers on cash terms or
on terms other than trade credit. Moreover, it highlights a higher
propensity to sell on credit terms domestically than to customers abroad. Both of these observations point to a conservative
approach to the use of trade credit in B2B transactions, during
the risky and often challenging business environment of the past
two years. Surprisingly, over this time frame, the proportion of
the B2B sales transacted on credit appears to have increased
slightly in many markets. This increase might be explained by
the respondents’ perception that a modest improvement has occurred in the business climate in many countries.
STATISTICAL APPENDIX
Sales on credit terms
SURVEY DESIGN
Survey results for Western Europe
7.6%
7.0%
3
Average proportion of B2B invoices
unpaid 90+ days after due date
Western Europe
7.6%
7.0%
SURVEY RESULTS
Domestic
Foreign
Sample: companies interviewed (active in domestic and foreign markets)
Source: Atradius Payment Practices Barometer – Spring 2015
As payment delays increase the financing and administrative
costs associated with carrying trade debt, most of the respondents in Western Europe (24.0%) consider cost containment as
one of the biggest challenges they will be facing in 2015. This
appears of greatest concern in Switzerland (31% of respondents),
Italy, the Netherlands and France (around 29% of respondents).
Respondents in Great Britain and Ireland, in contrast, consider
adequate cash flow as the primary challenge for 2015.
Key payment delay factors
More information in the Statistical appendix
Average payment delay
STATISTICAL APPENDIX
Domestic and foreign B2B customers of respondents in Western
Europe, on average, pay overdue invoices within three weeks
(22 days and 20 days respectively) after the due date. This means
that, on average, respondents in Western Europe receive domestic payments 56 days and foreign payments 52 days after invoicing. At country level, domestically it takes customers in Italy the
longest to settle past due payments (on average 32 days after the
due date). Greece follows with 30 days, three weeks earlier than
two years ago. In Sweden and Denmark, overdue trade debts are
settled the swiftest (on average nine days and 12 days past due
respectively). In the remaining countries surveyed, domestic past
due invoices are paid, on average, not later than 27 days after the
due date.
As to foreign past due invoices, respondents in Italy have to wait
the longest to collect foreign payments (29 days). Greek respondents wait the shortest ( five days), which is nearly three weeks
earlier than two years ago. This short time may be explained by
the long payment terms that Greek respondents give their foreign customers. Over the past two years, most of the countries
surveyed in Western Europe saw an increase in the average domestic payment delay, which was largest in Ireland ( nine days).
Foreign payment delays appeared to be less volatile, except for
Great Britain, which now has to wait an average of 10 days longer
than two years ago for past due invoices to be paid. This points to
Most of the respondents in Western Europe (51.4%, markedly
less than two years ago, but more than last year) reported that
late payment of domestic B2B invoices is mainly attributable to
their customers’ insufficient availability of funds. This is most
often experienced by respondents in Greece (84.0%), followed
by Italy (73.0%). The average for France (59.2%) is also notably
above that of Western Europe. Danish respondents seem to have
experienced this the least often (14.0%). Also foreign payment
delays in Western Europe are reported to be most often due to
the insufficient availability of funds (37.0% of respondents in
Western Europe, less than two years ago and almost the same as
last year). Again Greece seems to have experienced this the most
(57.1% of respondents), and Denmark the least often (17.9%).
With around 48% of respondents each, Austria, Italy and the
Netherlands also appear to have experience this.
The second most often cited reason for payment delay is the perception that B2B customers use outstanding invoices as a form
of financing (39.0% and 29.0% of Western European respondents
in respect to domestic and foreign customers respectively). In
Austria, Denmark and Germany this is a concern that around half
of the respondents have about their domestic customers. Around
40% of respondents have this concern in respect to their foreign
customers in Austria, Germany, Denmark and Sweden. These two
reasons for payment delay can be seen as two sides of the same
coin, as liquidity constraints could be used by customers to hide
their use of outstanding invoices to finance their business.
Invoice due date (avg. days)
33 days
Payment delay (avg. days)
21 days
4
2014
32 days
Cash
s
SURVEY DESIGN
a still difficult business climate, contrasting with the perception
of a slight improvement seen in other sections of the survey.
s
ale
2014
20 days
ATRADIUS PAYMENT PRACTICES BAROMETER – RESULTS SPRING 2015
Foreign B2B write-offs are mainly related to the construction and
consumer durables sectors. Across all the countries surveyed, collection of receivables proved to be more successful on export than
on domestic receivables. B2B receivables were reported to be uncollectable mainly due to the customer being bankrupt or out of
business (66.4% of respondents). This reflects the difficult business climate in which businesses still operate. Around 25% of the
respondents reported that write-offs were due to the failure of collection attempts as well as the high costs of pursuing the debtors,
particularly in foreign markets. Over the past two years, the uncollectable receivables rate for Western Europe decreased 1.4 percentage points in 2014, increasing again slightly (0.5 percentage
point) at the beginning of this year. The oscillations of the rate are
stronger in relation to domestic than to foreign uncollectable receivables. For more insights into the B2B receivables collections
practices in Western Europe, please see the Global Collections
Review by ­Atradius Collections (free download after registration),
available from April 21st 2015 on www.atradiuscollections.com.
Top challenge to business profitability in 2015:
cost containment
Western Europe
24%
The highest proportion of late payments are generated by domestic and foreign B2B customers in the construction, construction materials, consumer durables and machines sectors (around
40% of the invoice value ends up in late payments). Late payment of foreign invoices occurs also very often in the agriculture
sector. Domestically, late payments due to insufficient availability of funds are reported to occur most often in the agriculture,
food, textile, transport and services sectors. The majority of the
respondents in Western Europe don’t expect changes in the payment behaviour of domestic customers, a sizeable percentage
(25%) of the respondents in the construction and construction
materials sectors expects the payment behaviour of domestic customers to slightly deteriorate but not change in the next
twelve months. (not change in the next 12 months.)
SURVEY DESIGN
In Western Europe, domestic B2B customers in the paper sector are extended the most relaxed payment terms (averaging
40 days from the invoice date). The same happens to foreign
customers in the agriculture sector (payment terms average
41 days). In the chemicals and construction sectors, domestic
and foreign customers are extended the same payment terms
(averaging 37 days and 35 days respectively). In the financial and
business services sectors, domestic customers are given shorter
terms than foreign customers.
SURVEY RESULTS
Payment practices by industry
An average of 1.2% of the B2B receivables of respondents in
Western Europe was reported as uncollectable. In Greece the proportion of uncollectable receivables is nearly three times higher
(3.3%) than the survey average, and in Italy it is more than double (2.5%). The figure for Ireland (1.7%) is also above the survey
average. Uncollectable domestic receivables, in Western Europe,
come mostly from the construction, consumer durables, services
and business services sectors.
STATISTICAL APPENDIX
Uncollectable accounts
Late payment due to insufficient availability of funds from foreign
B2B customers are reported to occur most often in the textile and
transport sectors (around 60% of the respondents). The majority
of the respondents don’t expect changes in the payment behaviour of foreign customers. However, one third of the respondents
expects a slight deterioration of the payment behaviour in the
construction materials sector, and around 20% have the same
expectation in relation to the payment behaviour of customers
in the agriculture, consumer durables and construction sectors.
Sample: companies interviewed (active in domestic and foreign markets)
Source: Atradius Payment Practices Barometer – Spring 2015
Credit sales
41.3%
2014
42.4%
HKKJKKKL
More information in the Statistical appendix
Overdue
39.0%
Paid on time
Uncollectable
1.2%
!
2014
Average proportion of B2B invoices
unpaid 90+ days after due date
37.6%
2014
1.7%
Western Europe
7.6%
ATRADIUS PAYMENT PRACTICES BAROMETER – RESULTS SPRING 2015
7.0%
5
Statistical appendix
SURVEY DESIGN
Western Europe: proportion of total B2B sales made on credit 7
Average payment terms recorded in Western Europe (average days) 8
Western Europe: proportion of domestic and foreign past due B2B invoices
9
Western Europe: main reasons for payment delays
SURVEY RESULTS
by domestic B2B customers 10
Western Europe: main reasons for payment delays
by foreign B2B customers 11
Average DSO recorded in Western Europe 12
The greatest challenge to business profitability in 2015 for
STATISTICAL APPENDIX
respondents in Western Europe 13
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This report is provided for information purposes only and is not intended as a recommendation as to particular
transactions, investments or strategies in any way to any reader. Readers must make their own independent decisions, commercial or otherwise, regarding the information provided. While we have made every attempt to ensure
that the information contained in this report has been obtained from reliable sources, ­Atradius is not responsible for
any errors or omissions, or for the results obtained from the use of this information. All information in this report is
provided ‘as is’, with no guarantee of completeness, accuracy, timeliness or of the results obtained from its use, and
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or the partners, agents or employees thereof, be liable to you or anyone else for any decision made or action taken
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Copyright ­Atradius N.V. 2015
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6
ATRADIUS PAYMENT PRACTICES BAROMETER – RESULTS SPRING 2015
SURVEY DESIGN
Western Europe: proportion of total B2B sales made on credit (domestic and foreign)
20% - 40%
40% - 60%
Sweden
60% - 80%
48.2
Denmark
SURVEY RESULTS
66.8
Great Britain
45.0
Ireland
The Netherlands
52.3
36.5
Western Europe
Belgium
25.2
41.3
STATISTICAL APPENDIX
Germany
32.9
Austria
Switzerland
France
24.3
26.7
29.2
Italy
47.3
Greece
56.7
Spain
43.3
Sample: all interviewed companies
Source: Atradius Payment Practices Barometer – Spring 2015
By industry / by business size
Industry
Business size
Manufacturing
Wholesale / Retail /
Distribution
Services
Micro-enterprises
SMEs
Large enterprises
Domestic
49.6%
52.7%
40.6%
38.9%
49.6%
45.5%
Foreign
39.4%
39.4%
35.8%
30.0%
40.1%
40.7%
Western Europe
Sample: all interviewed companies ATRADIUS PAYMENT PRACTICES BAROMETER – RESULTS SPRING 2015
Source: Atradius Payment Practices Barometer – Spring 2015
7
Average payment term recorded in Western Europe
(average days – domestic and foreign)
SURVEY DESIGN
percentage
average days
75.0
Western Europe
17.1
5.4 2.5
33
Germany
92.1
5.3 1.3 1.3
22
Austria
91.4
6.1 2.0 0.5
23
SURVEY RESULTS
85.0
The Netherlands
13.6
85.9
Denmark
82.8
Great Britain
1.0 0.5
24
10.6 2.5 1.0
26
15.8
0.9 0.5
26
STATISTICAL APPENDIX
Sweden
92.3
6.2 1.0 0.5
27
Switzerland
88.1
10.3 1.6
27
1.9 1.4
32
4.1 0.9
34
5.9 2.5
34
5.1
47
5.7
51
78.5
Ireland
18.2
27.7
67.3
France
77.9
Belgium
13.7
46.5
Spain
Italy
41.0
Greece
42.0
33.6
14.8
36.1
1 - 30 days
17.2
26.5
31 - 60 days
17.5
61 - 90 days
Sample: all interviewed companies
14.0
53
Over 90 days
Source: Atradius Payment Practices Barometer – Spring 2015
By industry / by business size (average days)
Industry
Domestic
Sample: all interviewed companies 8
Business size
Manufacturing
Wholesale / Retail /
Distribution
Services
Micro-enterprises
SMEs
Large enterprises
39
40
30
29
38
36
Source: Atradius Payment Practices Barometer – Spring 2015
ATRADIUS PAYMENT PRACTICES BAROMETER – RESULTS SPRING 2015
Uncollectable
(% of total value of
receivables)
40.2
37.7
1.2%
50.2
Italy
44.5
45.0
Greece
3.3%
12.0
43.8
Spain
1.0%
40.2
43.3
Ireland
2.5%
1.7%
28.4
Belgium
41.7
40.1
0.9%
Germany
41.6
39.2
0.7%
Austria
41.6
39.6
0.7%
40.4
42.4
Great Britain
1.2%
40.0
France
0.9%
35.1
39.9
Switzerland
0.8%
42.8
39.7
40.6
The Netherlands
0.8%
28.7
30.5
Denmark
1.0%
20.0
Sweden
0.8%
25.3
Domestic
STATISTICAL APPENDIX
Western Europe
SURVEY RESULTS
percentage
SURVEY DESIGN
Western Europe: proportion of domestic and foreign past due B2B invoices
Foreign
Sample: all interviewed companies
Source: Atradius Payment Practices Barometer – Spring 2015
By industry / by business size
Industry
Business size
Manufacturing
Wholesale / Retail /
Distribution
Services
Micro-enterprises
SMEs
Large enterprises
Domestic overdue
41.2%
44.7%
37.9%
38.3%
41.7%
37.4%
Foreign overdue
36.8%
35.0%
34.5%
33.3%
36.5%
32.2%
Uncollectable (domestic + foreign)
1.1%
1.5%
0.8%
0.5%
1.3%
1.3%
Sample: all interviewed companies ATRADIUS PAYMENT PRACTICES BAROMETER – RESULTS SPRING 2015
Source: Atradius Payment Practices Barometer – Spring 2015
9
Western Europe: main reasons for payment delays by domestic B2B customers
SURVEY DESIGN
Formal
insolvency
of the buyer
(example:
liquidation, Complexity of
receivership, the payment
bankruptcy)
procedure
Dispute
over quality
of goods
delivered
or service
provided
Incorrect
information
on invoice
Goods
delivered
or service
provided
do not
Inefficiencies
correspond
of the
Invoice was
to what was
banking
sent to wrong agreed in the
system
person
contract
SURVEY RESULTS
STATISTICAL APPENDIX
Insufficient
availability of
funds
Buyer using
outstanding
debts /
invoices as
a form of
financing
Western Europe
51.4%
34.1%
18.5%
16.3%
15.3%
12.2%
11.8%
11.0%
8.7%
5.8%
Belgium
50.3%
34.5%
23.4%
11.1%
21.1%
13.5%
8.2%
12.3%
12.9%
4.1%
Germany
54.6%
48.0%
21.7%
11.6%
18.2%
13.1%
12.6%
9.6%
8.6%
2.5%
Italy
73.0%
21.8%
24.6%
12.3%
8.1%
6.2%
13.7%
9.0%
5.7%
2.4%
The Netherlands
51.0%
36.1%
11.6%
16.1%
17.4%
12.9%
7.1%
11.0%
7.7%
8.4%
France
59.2%
22.5%
30.2%
25.4%
16.0%
11.8%
10.7%
10.7%
14.2%
4.1%
Spain
41.8%
24.9%
26.4%
20.4%
12.4%
11.9%
15.4%
10.5%
10.0%
6.5%
Sweden
39.5%
36.1%
6.8%
19.1%
21.1%
16.3%
11.6%
15.7%
7.5%
9.5%
Denmark
14.0%
48.5%
11.7%
22.8%
17.5%
15.8%
7.6%
20.5%
12.9%
12.3%
Great Britain
43.6%
35.6%
11.2%
21.8%
18.1%
15.4%
14.9%
13.3%
10.6%
2.7%
Ireland
64.7%
31.6%
7.4%
10.5%
12.1%
13.2%
13.7%
6.8%
6.3%
7.4%
Austria
43.5%
54.2%
22.6%
14.3%
25.0%
11.3%
10.1%
10.1%
6.6%
5.4%
Greece
84.3%
20.9%
19.6%
11.8%
2.6%
3.3%
15.0%
2.0%
1.3%
3.9%
Switzerland
44.6%
24.8%
19.1%
20.4%
10.8%
14.0%
10.8%
12.7%
8.3%
7.6%
Manufacturing
48.4%
35.2%
18.6%
18.2%
19.4%
13.5%
11.3%
11.9%
9.9%
5.6%
Wholesale
/ Retail /
Distribution
57.8%
37.5%
24.3%
13.5%
17.2%
8.2%
14.5%
12.1%
10.3%
1.6%
Services
51.0%
32.5%
16.7%
16.2%
12.7%
12.7%
11.3%
10.2%
7.5%
7.2%
Microenterprises
54.0%
35.1%
14.5%
12.7%
10.0%
7.8%
8.9%
6.7%
5.0%
9.5%
SMEs
49.1%
33.6%
20.8%
18.4%
18.5%
14.8%
13.1%
13.4%
10.1%
4.0%
Large enterprises
54.4%
32.5%
20.9%
18.0%
18.5%
14.1%
16.5%
14.1%
14.6%
1.5%
Other
Industry
Business size
Sample: all interviewed companies (active in domestic markets)
10
Source: Atradius Payment Practices Barometer – Spring 2015
ATRADIUS PAYMENT PRACTICES BAROMETER – RESULTS SPRING 2015
Inefficiencies
of the
banking
system
Formal
insolvency
of the buyer
(example:
liquidation,
receivership,
bankruptcy)
Dispute
over quality
of goods
delivered
or service
provided
Incorrect
information
on invoice
28.1%
22.2%
17.4%
16.5%
15.1%
13.8%
13.5%
3.1%
20.3%
23.7%
22.0%
30.5%
18.6%
13.6%
17.0%
15.3%
1.7%
39.5%
36.1%
31.4%
29.1%
19.8%
19.8%
16.3%
14.0%
15.1%
1.2%
Italy
48.3%
19.8%
25.0%
25.9%
16.4%
10.3%
11.2%
12.9%
11.2%
1.7%
The Netherlands
48.1%
25.3%
29.1%
20.3%
21.5%
12.7%
3.8%
8.9%
10.1%
3.8%
France
27.1%
27.1%
47.1%
17.1%
18.6%
27.1%
22.9%
15.7%
21.4%
0.0%
Spain
33.0%
24.8%
34.9%
25.7%
17.4%
14.7%
13.8%
13.8%
12.8%
1.8%
Sweden
35.7%
42.9%
28.6%
19.1%
9.5%
19.1%
14.3%
9.5%
9.5%
2.4%
Denmark
17.9%
41.1%
31.6%
20.0%
13.7%
12.6%
17.9%
21.1%
9.5%
10.5%
Great Britain
35.1%
26.8%
26.8%
15.5%
17.5%
21.7%
16.5%
17.5%
17.5%
3.1%
Ireland
33.3%
24.2%
16.7%
30.3%
6.1%
12.1%
19.7%
12.1%
10.6%
6.1%
Austria
47.5%
49.2%
17.0%
17.0%
22.0%
23.7%
18.6%
8.5%
11.9%
1.7%
Greece
57.1%
19.1%
19.1%
19.1%
9.5%
0.0%
9.5%
4.8%
4.8%
4.8%
Switzerland
40.5%
31.0%
16.7%
23.8%
16.7%
14.3%
19.1%
11.9%
23.8%
0.0%
Manufacturing
38.3%
33.0%
30.3%
22.5%
16.7%
13.9%
16.1%
11.1%
13.3%
5.3%
Wholesale
/ Retail /
Distribution
36.4%
27.7%
23.5%
21.2%
19.8%
18.9%
14.3%
11.5%
14.3%
0.9%
Services
36.5%
27.3%
28.9%
22.5%
16.7%
17.2%
14.7%
17.2%
13.2%
2.5%
Microenterprises
34.9%
33.6%
23.3%
19.2%
15.1%
10.3%
6.9%
11.0%
8.2%
8.2%
SMEs
38.0%
27.2%
28.6%
22.8%
18.6%
18.2%
16.2%
13.6%
15.0%
2.4%
Large enterprises
34.9%
35.7%
31.0%
22.5%
14.0%
14.7%
18.6%
17.8%
11.6%
0.8%
Complexity of
the payment
procedure
Western Europe
37.1%
29.4%
Belgium
37.3%
Germany
Other
SURVEY RESULTS
Insufficient
availability of
funds
Buyer using
outstanding
debts /
invoices as
a form of
financing
STATISTICAL APPENDIX
Goods
delivered
or service
provided
do not
correspond
Invoice was
to what was
sent to wrong agreed in the
person
contract
SURVEY DESIGN
Western Europe: main reasons for payment delays by foreign B2B customers
Industry
Business size
Sample: all interviewed companies (active in domestic markets)
ATRADIUS PAYMENT PRACTICES BAROMETER – RESULTS SPRING 2015
Source: Atradius Payment Practices Barometer – Spring 2015
11
Average DSO recorded in Western Europe
SURVEY DESIGN
percentage
average days
28
52
Western Europe
9
73
Germany
20
SURVEY RESULTS
58
Denmark
34
57
The Netherlands
48
2 5
30
4 5
31
63
Sweden
11
4 3
32
4
7
Austria
60
28
5
7
Switzerland
59
29
4
8
STATISTICAL APPENDIX
55
Great Britain
35
32
51
Belgium
45
France
36
Italy
1 - 30 days
16
18
17
17
31 - 60 days
10
15
24
40
Greece
10
10
29
7
6
16
30
40
Spain
10
29
50
Ireland
2
21
26
61 - 90 days
35
36
37
38
40
41
42
52
54
58
72
72
Over 90 days
Source: Atradius Payment Practices Barometer – Spring 2015
Sample: all interviewed companies
By industry / by business size
Industry
Manufacturing
Wholesale / Retail /
Distribution
Services
Micro-enterprises
SMEs
Large enterprises
50
55
44
45
50
44
Sample: all interviewed companies
12
Business size
Source: Atradius Payment Practices Barometer – Spring 2015
ATRADIUS PAYMENT PRACTICES BAROMETER – RESULTS SPRING 2015
percentage
31
Switzerland
19
29
The Netherlands
17
Germany
28
19
Belgium
26
Denmark
24
Sweden
24
Austria
24
16
Greece
16
Ireland
16
C
ost
containment
F alling demand
for products and
services
10
11
19
19
14
33
18
Maintaining
adequate cash
flow
Collection of
outstanding
invoices
11
8
4
20
28
Sample: all interviewed companies (active in domestic and foreign markets)
E fficiency in
receivables
management
P oor view of
customer’s
portfolio risk
5
9
3
6
3
8
5
8
3
7
11
5
7
10
10
10
5
7
7
6
8
6
5
5
7
9
11
21
B ank lending
restrictions
12
10
13
29
20
2
8
19
20
6
10
24
21
7
8
5
8
14
14
20
6
8
8
13
25
22
Great Britain
11
11
8
8
11
17
29
8
9
13
13
France
Spain
14
21
29
Italy
11
7
5
8
4
8
6
5
5
10
6
SURVEY RESULTS
18
STATISTICAL APPENDIX
20
24
Western Europe
SURVEY DESIGN
The greatest challenge to business profitability in 2015
for respondents in Western Europe
5
4
4
3
5
Increase in
disputed
invoices
Source: Atradius Payment Practices Barometer – Spring 2015
By industry / by business size
Industry
Business size
Manufacturing
Wholesale / Retail /
Distribution
Services
Micro-enterprises
SMEs
Large enterprises
Cost containment
28.1%
24.1%
22.2%
20.6%
25.7%
30.2%
Falling demand for your products
and services
18.0%
16.4%
22.6%
26.5%
16.3%
15.9%
Maintaining adequate cash flow
18.7%
18.3%
17.5%
19.6%
18.0%
10.7%
Collection of outstanding invoices
8.2%
11.6%
11.7%
10.9%
10.7%
10.7%
Bank lending restrictions
9.1%
9.0%
7.4%
8.1%
8.0%
8.7%
Efficiency in receivables management
7.3%
8.3%
7.6%
4.8%
9.6%
9.1%
Poor view of customer's portfolio risk
5.1%
5.6%
6.5%
5.0%
6.6%
6.8%
Increase in disputed invoices
5.5%
6.7%
4.5%
4.6%
5.1%
7.9%
Sample: all interviewed companies ATRADIUS PAYMENT PRACTICES BAROMETER – RESULTS SPRING 2015
Source: Atradius Payment Practices Barometer – Spring 2015
13
­Atradius N.V.
David Ricardostraat 1 · 1066 JS Amsterdam
Postbus 8982 · 1006 JD Amsterdam
The Netherlands
Phone: +31 20 553 9111
[email protected]
www.atradius.com